May 18, 2004, Standard&Poor's Rating Services lowered its corporate credit ratings on Enterprise Products Partners L.P. (Enterprise Products) and Enterprise Products Operating L.P. to 'BB+' from 'BBB-' and removed the ratings from CreditWatch with negative implications. The outlook is stable. The ratings were originally placed on CreditWatch on Dec. 15, 2003 as a result of the announcement of the merger between Enterprise Products and GulfTerra Energy Partners L.P. (BB+/Watch Neg/--). The rating action is based upon an assessment that the credit rating on Enterprise Products will be 'BB+' whether or not the proposed merger with GulfTerra takes place. On a stand-alone basis, Enterprise Products' creditworthiness has deteriorated over the past year. Looking forward, Standard&Poor's expects that
